Let’s discuss another important topic – Challenges in Business Development. As usual, let’s identify the “aspects of the problem” before we look for measures to address them. We see the following as the challenges:

(i) Affording the cost of business development efforts which involves cost elements associated with travel to the locations of prospects, cost of free confidence-building pilot projects, etc.

(ii) Availability of the experts to provide a prospect the much-needed initial confidence

(iii) Building up expertise and infrastructure when “things are yet to work out”

(iv) Affording infrastructure ramp-up without the assurance of business volume sustenance

(v) Providing a lower-cost better-quality solution / service

(vi) Meeting the process requirements, including data security requirements, of a prospect

(vii) Managing the discomforts in the early stages of a new business relationship

(viii) Payment terms of a new prospect

Do you see any other challenges? – Please do share.

In our next blog, we’ll look for measures to overcome these challenges…you and us together as usual!